In addition to direct gifts there are a multitude of ways in which you could give to St. Bede Abbey and Academy. You can speak with your tax or financial advisor about these options and what might work best for you. If you should choose to make a planned gift to St. Bede, please advise us of your intention. We will need a copy of your will for our records. Feel free to contact the St. Bede Development office for information about the following ways of giving.
Charitable Gift Annuities
Charitable gift annuities are one of the oldest and most reliable charitable tools available to donors. A charitable gift annuity is a combination of both a gift and an investment. It is an excellent way to help support St. Bede Abbey & Academy while also helping to insure your own financial security with a guaranteed fixed income for life.
Life insurance offers a donor the opportunity to make a generous gift to St. Bede Abbey & Academy either at no cost or with a relatively modest cash outlay. You can donate a life insurance policy by assigning ownership of the policy to St. Bede and making the Benedictine Society of St. Bede the beneficiary. In this case, there are no out of pocket costs to you and you receive an income tax deduction for your gift.
Charitable Remainder Trust
A Charitable trust has the advantage of establishing a tax deductible gift for non-profit organizations. Since the trust is tax exempt, it will not have to pay capital gains taxes on the disposition of appreciated assets. You may designate yourself and another individual to receive income for your life/lives and, at the conclusion of the income payments, the remainder of the trust principal will be paid to St. Bede.
Retained Life Estates
One way of giving a gift and keeping it is through a life estate. This is an attractive option for people who would like to donate their residence to charity yet remain in it during their lifetimes. A retained life estate allows a donor to give a personal residence to St. Bede Abbey & Academy and to live in it for life. By transferring property currently owned, rather than waiting until death, and retaining a life estate, the donor keeps the benefits of the property while obtaining a current charitable income tax deduction.
Appreciated Securities Gift
A gift of long-term appreciated securities – i.e., stocks, bonds and/or mutual funds that have a realized significant appreciation over time – is one of the most tax-efficient of all ways to give. Any appreciated securities with unrealized long-term gains (meaning they were purchased over a year ago, and have a current value greater than their original cost) may be donated to St. Bede Abbey & Academy and a tax deduction taken for the full fair market value of the securities – up to 30% of the donor’s adjusted gross income.
An endowment is another way to exercise good stewardship while directing how your gift will be used in the future. An endowed gift is generally one in which the principal is left intact and only the income is used to provide support in perpetuity or for a designated period of time.
For more information on any of these giving opportunities, please contact the Development Department at St. Bede (815) 223-3140